OmniBazaar - Fast and scalable To Meet The Needs of The World’s First Global “peer-to-peer-to-peer” e-Commerce Marketplace
INTRODUCTION
Since the emergence of blockchain technology in 2008 when Satoshi Nakamoto introduced bitcoin, there have been rigorous efforts to apply the blockchain to several aspects of the global business process, Blockchain technology has been described as having the potential to disrupt many industries with a low-cost transaction, immutability, and enhanced security. In the years that have followed, many other blockchain implementations have been developed with each one exhibiting unique features tailored to specific use-cases.
Blockchain has made it possible to issue just about any asset via a distributed ledger framework. With the aid of cryptocurrency tokens, these assets can be given economic value in order to initiate and validate several transactional processes. Several on-chain protocols have been developed by a number of startups and established companies alike in order to create blockchain-based solutions.
As more technological advancements are uncovered, OmniBazaar, a recent type of e-commerce marketplace which removes middlemen and bankers using a patented peer-to-peer architecture came on board.
OVERVIEW OF OMNIBAZAAR
OmniBazaar is a new type of e-commerce marketplace that removes the middlemen and bankers from e-commerce. OmniBazaar uses a patented “peer-to-peer-to-peer” architecture to remove the middlemen. It uses cryptocurrencies to eliminate the bankers. OmniBazaar fees are up to 100% lower than those of existing e-commerce sites like eBay and Amazon. OmniBazaar users deal directly with each other, rather than through a central site like Amazon or eBay.
With OmniBazaar, online buyers benefit from lower prices, and escape from "big data" tracking and "push" marketing. Social influencers enjoy a simple referral system that allows them to monetize their social networks. Users can make money by publishing listings for other user or providing escrow services in the marketplace.
OmniBazaar uses OmniCoins, Bitcoin and Ether for payment (instead of credit cards or PayPal). So, OmniBazaar provides a “gateway” for new cryptocurrency users to acquire their first bitcoins or OmniCoins. These new users can get coins by selling goods and services in the OmniBazaar Marketplace. This reduces the “barriers to entry” when first acquiring cryptocurrencies.
The Ecosystem
The OmniBazaar ecosystem includes its own built-in cryptocurrency (“OmniCoin”), an influencer marketing system, social messaging, reputation tracking, escrow agents, and bonuses to provide user incentives for participation and growth. With OmniBazaar, online sellers save 90%–100% of the fees they would pay Amazon or eBay. Online buyers benefit from lower prices, and escape from “big data” tracking and “push” marketing. Social influencers enjoy a simple referral system that allows them to monetize their social networks. Marketplace users can generate additional income by hosting listings for other user or providing escrow services in the marketplace. OmniBazaar provides a simple “gateway” to cryptocurrency by allowing users to barter for bitcoins.
True Peer-to-peer Marketplace
Omni Bazaar uses Crypto currencies to eliminate the bank as a middleman. no more high percentage fees paid to PayPal or credit card companies.
Lower Fees
Because of decentralization the OmniBazaar platform will be able to offer 90% to 100% lower listing and advertising fees than current central data online marketplaces like Ebay or Amazon
Gateway to Crypto Adoption
Given the attractive price of its services and the ability to offer less expensive products OmniBazaar hopes to serve as a gateway to crypto adoption by accepting crypto payments only. The platform now accepts Bitcoin and OmniCoin
Speed of transactions
Able to process 50.000 transactions per section, speed will be no problem when spending or receiving OmniCoin
Decentralized crypto exchange
Investors will be able to buy and sell crypto currencies in the Omni Platform
The Features
Block processing time less than 10 seconds.
Ability to process tens of thousands of transactions per second.
Users can address transfers to a name, not a number.
Proof of Participation (PoP) consensus protocol.
An influencer marketing system.
Distributed social messaging.
Reputation tracking.
Escrow agents.
Bonuses to provide user incentives for participation and growth.
Why Omnicoin?
Quick Transactions
OmniCoin can process more than 50,000 exchanges for every second – more than Visa and Mastercard consolidated. Affirmation of exchanges happens in under 10 seconds. This enables OmniCoin to serve the online business showcase on a worldwide scale.
Simple to Use
Exchanges take seconds rather than minutes, so OmniCoin is business-accommodating. Exchange handling utilizes moderately small figuring power, so OmniCoin is eco-accommodating. What's more, with OmniCoin, you can send and get coins utilizing a record name rather than a series of numbers. This makes OmniCoin easy to understand.
Propelled Consensus System Evidence of Participation (PoP) is another cryptographic money security convention. One segment of PoP is the Distributed Proof of Stake (DPoS) convention of Bitshares. We have broadened and extended DPoS by including four different measurements. The product utilizes these measurements to figure out which gathering of clients may process exchanges. PoP depends the handling of exchange just to the most dynamic commercial center clients. These clients would have the most to lose by endeavoring to hack or assault the blockchain.
Utility in the Marketplace
OmniCoin tokens enable clients to purchase and offer rapidly and effortlessly in the OmniBazaar commercial center. They additionally encourage the escrow procedure, enlistment of postings, and the notoriety framework in the commercial center. You can win OmniCoins by performing administrations in the OmniBazaar commercial center, yet they don't give any proprietorship, profits or control of the framework. OmniCoins are intended to be an utility, not a security.
Special Token Distribution
Offering coins to new clients makes ready for quick utilization of the commercial center, and in addition long haul development. We built up a straightforward, powerful, straightforward process for seeding our client base with OmniCoin tokens. This circulation of free tokens is a vital piece of our take off procedure. OmniBazaar will convey roughly 26% of all tokens as motivations for client obtaining.
Circulated Escrow
OmniCoin has an escrow module to enable volunteer clients to intervene amongst purchasers and merchants who don't know or trust each other. We have actualized the OmniCoin escrow highlight utilizing 2-of-3 multi-signature exchanges. It is anything but difficult to utilize and has a dispersed system of escrow specialists. Clients pay a little charge to the picked escrow specialist when they utilize the escrow highlight.
The Technical Information
The breakdown below is a list of functionalities currently provided by our software. Having a functioning, usable, distributed, marketplace platform sets us apart from the competition.
Blockchain Security: Proof of Participation (PoP)
Total Supply: 25,000,000,000
Block time: 10 seconds or less
Scalable to tens of thousands of transactions per second
Easy Addresses: Send/Receive to an account name, not a number
Distributed Escrow
Distributed Chat
User Reputation System
User Acquisition Incentives
Referral Rewards
Token Sale and ICO Details
The OmniCoin is used as a currency to buy and sell products on the OmniBazaar platform.Total Supply of OminiCoin: 25 billion
Soft Cap: $2,000,000.00 Dollars
Hard Cap: $20,100,000.00 Dollars
The users of OmniBazaar market place will be required to pay a very small amount for transaction fee, which has its default at 1%.
Distribution of Omnicoin
The block subsidy miners = 7.625 Billion (30.5%), distributed over 27 yers.
Omnibazaar development pool = 2.52 Billion (10%), distributed over 4 years.
Token sale events = 8.4 Billion (33.6%), after the marketplace launch.
User acquisition bonus I 6.4 Billion (25.6%).
Welcome bonus is 1.4 Billion.
Referral bonus is 3 Billion.
First sale bonus is 2 Billion.
The total token is 25.0 Billion.
ROADMAP AND DEVELOPMENT PLAN
Marketplace proof of concept Q4 2015 (Done)
Integrate OmniCoin into marketplace Q1 2016 (Done)
Distributed escrow system Q2 2016 (Done)
Distributed reputation tracking Q3 2016 (Done)
Distributed user communications Q4 2016 (Done)
User bonuses and incentives Q1 2017 (Done)
Alpha testing Q2 2017 (Done)
Private beta test Q3 2017 (Done)
Public beta test Q4 2017 (Done)
Improve ability to scale and new UI Q1 2018
Launch OmniBazaar and OmniCoin Q2 2018
User Acquisition/Air-drop (initial phases) Q2 2018
Token sales (four phases) Q3 2018
Exchange listings Q3 2018
Web wallet Q4 2018
Mobile application (Android and IOS) Q4 2018
Distributed Cryptocurrency Exchange Q1 2019
User-Issued Assets Q2 2019
THE AMAZING TEAM
NOTE: This article is just a guide to prospective clients, investors and every person scorching for a slice of this amazing project,
You can get more information about these project with huge potential by following the link below:
Website: http://omnibazaar.com/
Facebook: https://www.facebook.com/OmniBazaar
Twitter: https://twitter.com/OmniBazaar
Linkedin: https://www.linkedin.com/in/rickcrites/
Telegram: https://t.me/Omni_Bazaar
PUBLISHER
bayo88
BITCOINTALK PROFILE: https://bitcointalk.org/index.php?action=profile;u=2407711
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